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Section 199A is also known as the Qualified Business Income Deduction. This form will not be available until February 20, 2020. Once the form is available, the error will clear itself.
It's Feb 21st and the error still exists. What happened to the update?
It's 2/23 and it's not working for me either!
Same problem here, I contacted support by phone Feb. 20th evening and after being on the phone for 45 minutes trying to figure it out through Screen Share they came to the conclusion that even though the Form (8895-A) was released, it wasn't in their system yet and they suggested to wait 48 hrs fir the form to be available through software update....Well, it's now 3 days past 2/20 and nothing has updated or happened yet.
I had my taxes prepared and ready to E-file since 2/7 and this is the only thing I'm waiting for.
I've used Turbo Tax Business and Personal software for many years and now I'm considering switching for 2020 Tax prep.
So far not helpful. I still have the same error code and am leaving the country today. If I have to file an extension because of this, I'll never use TurboTax again. And, I'm getting a refund!
For the purposes of the qualified business deduction, these need to be reported on a 8995A. This form has not been released by the IRS.
Here is the latest updates on when the forms will be released by the IRS. Please review this IRS link. for information on the latest updates. Looks like 2/28/2020 for the 8995A form.
Hi Dave,
It looks like the form has been out there for two weeks: https://www.irs.gov/forms-pubs/about-form-8995-a
Your program is stuck and not picking up the information since it became available.
Please do these things:
@JY07
Again, completely unhelpful. It is well past the date that you said this form would be available on Turbo Tax and it still isn't. I have the same error and can't submit my return. What is the date now???
Delete which form? Form 8995, the Qualified Business Income Component wkst, or the Qualified Business Inc Deduction Summary?
Have the same problem, but I am using app. on my computer, not the browser.
If the issue is related to not having a value for box 17 code V, you should return to the entry of that S-corp K-1, for box 17. It is very important to note that there is a screen near the end of the interview titled "We need some more information about your 199A income or loss". This screen must be completed in order for your box 17 code V information to be correctly input into TurboTax.
To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.
Hi David S127
On that last page I have checked the following boxes:
Ordinary Business income
Section 179 deduction
w2 wages
UBI of qualified Property
Every thing except the Ordinary Business Income was pre-populated. When I added the ordinary income from the K1 my refund went up. Since I entered the box 1 income on a previous screen why wasn't it pre-populated like the others or am I taken a double deduction?
You are not taking a double deduction when you enter the K-1 according to the interview questions.
The box 1 entry "told" TurboTax you had ordinary income from the K-1. The box 17 entry told TurboTax that the ordinary income was also QBI. You can have ordinary income that is not QBI, so the additional entry is needed to get the income classified as QBI.
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